Reasons to Have an Estate Plan in Place This Summer
Summer is the perfect time to check important tasks off your to-do list—and estate planning should be one of them.
Legal Documents and Travel
The summer season often involves travel. It is wise to put an estate plan in place before travel for a number of reasons. A basic estate plan often includes Power of Attorney to appoint an agent to act on your behalf in certain matters if you are unable or unavailable. An Advance Directive is a document through which one appoints an agent to make medical decisions if they are unable, and sets forth the specifics of your wishes with respect to medical care. A Will is a tool through which you can distribute your estate upon your death.
If you have minor children, a Will also serves the important function of appointing a guardian for your minor children in the event that you pass before your children are adults.
In addition to these tools, parents of minor children who may be traveling without their children should consider making arrangements for temporary custody of minor children so that the caretakers you have selected are empowered to take action to obtain medical care and act on behalf of your children.
Milestones in Young Adulthood
Summer is also graduation season. You may have children turning eighteen, or graduating college. At such milestones, it is a good time to review your estate plan. Is it time that you update agent roles to name adult children? Is it time to update beneficiaries? It is likely that the estate plan created when children were young is no longer the best fit for your family.
Legal Protections for Life Transitions
Following graduation season, many adult children are leaving the nest for college or other pursuits. When your child turns 18, they become a legal adult and we can’t step in as the parent in the same legal capacity anymore. Before your child heads off to college or begins their journey into the world, it's important to understand which legal documents they should sign to plan for and safeguard their next stage of life.
Advance Medical Directive
HIPPA waivers (should your adult child wish you or another adult to have access to their medical records).
Power of Attorney
FERPA waivers to allow access school records
These documents provide parents or guardians with the ability to become legal protectors in the event that a young adult requires assistance
*This blog is for educational purposes and does not constitute legal advice.
If this summer brings travel or transition for you, reach out to Maguire Law to schedule a free thirty-minute zoom consultation to learn about how to address your estate planning needs.
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